Coal India arm, Mahanadi Coalfields Limited filed Red Herring Prospectus (RHP) with Registrar of Companies (RoC), Securities and Exchange Board of India (SEBI), National Stock Exchange of India (NSE) and BSE for its proposed public issue.
In an exchange filing on Saturday, November 14, Coal India said, "the Red Herring Prospectus (RHP) dated 13th November, 2026 of Mahanadi Coalfields Limited (MCL), a wholly owned subsidiary of Coal India Limited, was filed with RoC, SEBI, BSE and NSE."
Mahanadi Coalfields filed draft papers for an initial public offering (IPO) in September. The proposed IPO will comprise an offer for sale (OFS) of up to 66.18 crore equity shares by Coal India, which is the promoter of MCL. The company will not receive any proceeds from the issue.
All proceeds from the IPO will accrue to the selling shareholder, Coal India, after deduction of offer-related expenses and applicable taxes, as per draft papers.
The book-running lead managers for the issue will be SBI Capital Markets, Axis Capital, BOB Capital Markets, IDBI Capital Markets & Securities and IIFL Capital Services, while KFin Technologies will act as the registrar to the offer.
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The public issue is likely to provide Coal India with an opportunity to unlock value from one of its most profitable subsidiaries while giving investors direct access to MCL's coal mining operations. The arm operates several opencast and underground mines across Odisha, with a major presence in the Talcher and IB Valley coalfields. The company supplies coal to power utilities, steel manufacturers, cement companies and other industrial consumers.
Mahanadi Coalfields posted its highest-ever coal production of 225.17 million tonnes (MT) in FY25, beating its annual target of 225 MT and rising from 206.1 MT in FY24. Coal dispatches also touched a record 210.45 MT during FY25.Gross coal sales recahed Rs 36,606 crore in fiscal year 2025, against Rs 37,200 crore in fiscal year 2024. Profit after tax was around Rs 10,823 crore, against Rs 11,845 crore a year earlier.
The company's net worth rose to Rs 18,279 crore in FY25 from Rs 16,106 crore in FY24. It also distributed a dividend of Rs 8,600 crore during the year.
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